Is This Good Or Bad News For XRP? | XRP SEC Gets A WIN | Crypto News Today
Obviously nick is still very unwell, um and thank you um for for all the um. You know well wishes and that side of things its much appreciated but hes still unwell. Unfortunately so uh, you guys have just got me, unfortunately um, so you just you just i guess im lucky, but hopefully nick will be back shortly. Um with that said, todays video were going to take a look at the sec versus ripple case, so bad news im afraid or is it um so on the face of it looks like bad news but were going to sort of dig into this in a little Bit more detail with this case update, which was sort of announced yesterday, if you like this sort of content mash that, like button subscribe tap that bell select all the notifications, so you never miss a video and um yeah. Let me know in the comments below what your thoughts are on this piece of news really interested to get your views and opinions, and you know where do you see this case heading? Are you aligned with bitboy and his insider um or his insiders um his insider information that you know the sec? Lawsuit is literally just about to get settled. It really isnt um and i dont have uh in insider information but im pretty sure its, not im. Pretty sure the um, you know theres no insider information, heres and either, but you know, lets not get into all of that.
Um lets get down to the desktop and take a look at what is going on. So here we are um, so judge um rejects xrp holders bid to join the sec against ripple case as defendants. So, on the face of this, this looks really really bad right, but lets dig into it. The judge ruled that the sec would be required to launch enforcement action against each individual xrp holder should they be allowed to participate in the case as defendants now. Obviously, none of these xrp holders would want this um, and you know outside of the people that are looking to to sort of uh. You know play a role in this case as xrp holders um. You know in the cases defendants this ultimately would slow down the case right and um. That is not what anybody wants. So i think its a good thing on that note that this has been rejected by a judge. Um forget the name now whats in uh torres right, so yeah. For me. I think this is a positive, although the headlines are all negative right um. So you know lets sort of dig into this because i think theres more positive stuff to come from it. There is another twist in the ongoing battle between the the uh distributed, ledger technology, firm ripple and the s the u.s securities and exchange commission the scc. On monday, the 4th of october u.s district judge torres ruled that individuals holding the companys xrp token cannot act in ripples, ongoing lawsuit as defendants.
The determination comes after a number of xrp holders aimed fire or aimed file. Should i say, friends of the court uh briefs, which would allow them to join the case as defendants and support ripple in its claims that the token does not violate securities law. Judge torres asserts that allowing xrp holders to join the suit would compel the sec to take enforcement action against them. According to the law 360.. She added that would uh also delay the case, which is what i just mentioned, which ripple and token holders have urged for a quick resolution to. However, the judge determined that token holders can participate. Um, you know by basically um sort of giving advice, um or providing information, so they they are allowed to participate, but not as defendants. So overall, i think this is. This is a really positive piece of news, although its spun negatively um so yeah its interesting. The console for ripple andrew said that they were pleased with the outcome for xrp holders that can now share their meaningful perspective with the court in the motion um to intervene. Filed in march, xrp holders claimed that they stood to lose billions. Should the regulator win the case um so yeah its it and theyve claimed? Obviously the motives behind it all and that kind of makes sense. Um claiming the uh uh, claiming to protect investors. The sec is seeking 1.3 billion in alleged all gotten gains from the name defendants, but by alleging that todays xrp, maybe uh, constitute unregistered securities.
The sec has caused over 15 billion dollars in losses for xrp holders. Uh is you know, whats been sort of covered off in the sec filing here right um, i say the sec file in the um. I guess xrp holders uh filing, so you know its a its an interesting one. Overall, you know it seems negative on the face of it. The judges turned down the the ability for um the token holders to participate as defendants um, but you know if you actually put that to one side that would have delayed the case, so i think you know ultimately its good that theyre not being allowed to do This um, because nobody wants it to be delayed further, we kind of want an outcome before the peak of the ball run would be blue sky um. You know thats what everybody as a token holder would want um. I think, outside of that theyre still going to be able to participate. You know by advising and giving mean of mean their meaningful um views and opinions um in the the actual lawsuit which i think you know thats awesome. I think thats, amazing, um and plus theyre. Not going to be able to be um, you know i guess, prosecuted or um sort of followed up with the sec and sort of entangled and potentially in some hot hot water right themselves individually. So, overall, i think this is. This is fantastic news um, although you know its its not worded that way in a lot of the headlines, um, but do let me know in the comments below what your thoughts and opinions are really appreciate.
You taking the time to watch todays video uh dont forget if you enjoyed the the content mash that, like button subscribe tap that bell select all notifications, so you never miss a video and i will catch you in the next one.